Duty-free sugar to boost supply fires up global prices

Thursday, April 6, 2017, 7:22 AM

Traders and millers expected Indian sugar prices, at Rs.38.50 a kg in Mumbai wholesale market, to be under pressure but a government notification allowing duty-free import of raw sugar up to 5 lakh tonnes till June-12 to boost domestic supply helped global prices buck trend and rally 3.7% on Wednesday. Global prices rallied to 16.75 cents per pound or about Rs.34/kg at Indian ports.